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Australia investment bank Macquarie affirms outlook for year

Australia's top investment bank Macquarie Group on Thursday affirmed earnings expectations for the current financial year, saying they would match the record performance of 2016.

PHOTO: REUTERS

[SYDNEY] Australia's top investment bank Macquarie Group on Thursday affirmed earnings expectations for the current financial year, saying they would match the record performance of 2016.

The Sydney-based bank, which earns 70 per cent of its income overseas, said its operating group's performance in the first quarter to end-June was up on the previous quarter, but down on the strong results seen a year earlier. "Macquarie's annuity-style businesses, which represent more than 70 per cent of the Groups' performance, continued to perform well," said the bank's managing director and chief executive officer, Nicholas Moore.

The capital markets business had mixed fortunes given subdued market conditions, though its commodities and financial markets unit saw stronger activity.

Macquarie lifted annual net profit and dividends to a record in the year-ended March 2016 to A$2.06 billion (S$2.09 billion).